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CNN
Dec 28, 2012 6:00am PST
the fiscal cliff. this afternoon in the 11th hour, this is when it always happens, there's a high-stakes meeting at the white house. at the table, president obama and congressional leaders. the goal is to reach an agreement. but the roots of this current crisis can be traced back to the previous administration. cnn's chief business correspondent has a look at how we got here. >> now we have passed a bold package of tax relief for america's families and businesses. >> reporter: it starts more than a decade ago when president bush initiated a series of tax cuts for all americans. but it's a deal with the devil. the cuts which are politically expedient expire in ten years time. >> both houses of congress have passed a package of tax relief that will protect the middle class. >> reporter: when it came time for the cuts to expire, the u.s. is emerging from the worst e recession from the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they are ex
FOX News
Dec 28, 2012 10:00am PST
that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending unemployment benefits for some 2 million americans, do some small spending cuts now, but not entitlement reform. an ally of the white house and the house of representatives offered this. >> this is not for show. it is a last-ditch effort by the president to bring the congressional leaders together to try and get at least a small package. a small deal together before the new year. in order to avoid some of the
FOX News
Dec 27, 2012 4:00pm PST
'm harris faulkner in tonight for shepard smith. the impending fiscal cliff that stands to affect the first pay check you get next month unless, of course, lawmakers can find a solution. today the senate majority leader mitch mcconnell said there is still time to work out a deal. however, there is no firm evidence of any real plan. here is what we do know tonight. president obama cutting his vacation short arriving back in washington today. house lawmakers announcing late today they are now planning to return on sunday. but listen to the rhetoric. and you have to question whether that will do any good because near early everything that is coming out of d.c. is about blame. not answers. >> speaker boehner should call members of the house back to washington today. he shouldn't have let them go in fact. they are not here. they are not here. john boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing. >> harris: a spokesman for john boehner fired back "senator reid should talk less and legislate more." and senate minority leader mcconnel
CNN
Dec 28, 2012 4:00am PST
see movement before then. >> now would be a very good time to assess the impact of the fiscal cliff on your 401(k). despite the fact that leaders are meeting this afternoon. the dow, nasdaq, and s & p futures all pointing lower this hour. investigators have no stomach for this high-stakes game of chicken played on capitol hill. look at yesterday's chart for the dow. the index taking a big dive at the open with investors finding little hope for a fiscal cliff come on misz. when word came out that the two sides were meeting, the dow rebounded to positive territory. expect another day like that today. we'll talk with debbie stabenow. >>> he was the most popular american general since world war ii. tributes from around the world are pouring in for stormin norman schwarzkopf. he crushed the iraqi military in the 1999 gulf war and liberated kuwait. he may have been the perfect front man for a war that played out live in your living room. barbara starr live with more. barb rar? >> president obama remembers general is schwarzkopf as an american original. he accomplished something on the bat
Search Results 0 to 3 of about 4